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The People's Bank of China (PBOC) Tuesday promulgated procedures for confiscating and identifying counterfeit money in an effort to regulate related activities and protect the legal right and interests of money holders.
The procedures provided detailed stipulations governing the confiscation and identification of counterfeit money and penalties for violations.
Under the procedures, commercial banks, urban and rural credit cooperatives and postal deposit institutions are empowered to confiscate suspected counterfeit cash during transactions, while the PBOC and its authorized identification institutions are responsible for identifying whether the money is counterfeit or genuine.
The procedures will go into effect on July 1, 2003.
(Xinhua News Agency April 16, 2003)
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